Advice for Multi-Generational Families – Part 1

At Intelligence Driven Advisers, we’re in the process of designing what we’re calling Family Wealth Legacies: getting multiple generations in the same room to talk about what money is, why it matters, how we feel about it, and how we handle it. We see it as a phenomenal value add, and we’re excited to share it with you.

Over the course of this multi-part series, we want to dig deep into how wealth affects families across generations and intertwine this knowledge to help families weave money into their important conversations.

In this first part of the podcast, we want to address how these topics matter to the youngest generation – children and grandchildren. We discuss the importance of education (financial and otherwise), landing entry-level jobs (and leaving them without burning bridges), the dangers of debt, and how to start investing.

Stay tuned for part two, where we’ll discuss the unique issues that affect parents of these children.

In today’s conversation, here’s what you’ll learn:

  • How to start financial education with children at ages as young as eight or nine – and why a college education still helps so many people become financially successful.
  • Why inheritance can destroy work ethic and lead to entitlement – and why it’s so important to get started working and saving money.
  • Why it’s so hard to get ahead when you fall behind on credit card payments or college debt – and how to build credit without credit cards.
  • How much of your pre-tax income you should be saving – and how to save for luxury items later in life.

    Transcript Available Here 

     

    The content of this radio show is provided for informational purposes only and should not be considered investment advice or a recommendation to buy or sell any types of securities. Mr. Labrum and Intelligence Driven Advisers/Financial Detox are not responsible for the consequences of any decisions or actions taken as a result of information provided in this radio show and do not warrant or guarantee the accuracy or completeness of the information provided. The information discussed today reflects the views of Mr. Labrum and his guest(s) as of the date of this show and are subject to change without notice.Past performance is no guarantee of future results. Any forward looking statements or forecasts are based on assumptions and actual results may vary from any such statements or forecasts. No reliance should be placed on any statements or forecasts when making any investment decision. Accordingly, listeners should not rely solely on the information provided today in making any investment decision.There is a risk of loss from investing in securities, including the risk of loss of principal. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will be profitable or suitable for a particular investor’s financial situation or risk tolerance. Asset allocation and portfolio diversification cannot assure or guarantee better performance and cannot eliminate the risk of investment losses.

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